To amend the Federal Election Campaign Act of 1971 to make federal elections more competitive, open, and honest by reducing the influence of nonparty multicandidate political committees, and for other purposes.

Amends the Federal Election Campaign Act of 1971 to: (1) establish a separate limitation of $1,000 with respect to nonparty multicandidate political committee contributions to any candidate for Federal office (currently, all multicandidate political committee contributions to such candidates are subject to a $5,000 limitation); (2) prohibit separate segregated funds established by corporations or labor organizations for political purposes from acting as intermediaries or conduits with respect to contributions to such a candidate; (3) prohibit a political committee that is not an authorized committee of such a candidate and is not a political committee of a political party from transferring funds to any other such political committee; (4) prohibit such a candidate from establishing, maintaining, financing, or controlling a political committee, other than the candidate's principal campaign committee; and (5) prohibit a principal campaign committee of such a candidate from making any contribution to any other principal campaign committee (other than the principal campaign committee of the same individual as a candidate for another Federal office).